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Russell, Kimora Lee Simmons Split

Rap mogul Russell Simmons and his wife Kimora Lee Simmons are splitting, a rep for Kimora confirms to PEOPLE.

Russell issued his own statement Friday afternoon, saying: “Kimora and I will remain committed parents and caring friends with great love and admiration for each other. We will also continue to work side by side on a daily basis as partners in all of our businesses.”

The statement also says the couple have been separated “for some time,” but have continued living under the same roof.

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